AM Best Affirms Credit Ratings of Rembrandt Insurance Company, Ltd.

AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of "a" (Excellent) of Rembrandt Insurance Company, Ltd. (Rembrandt) (Bermuda), a captive (re)insurer of Vitol Holding B.V. (Vitol), a group engaged in the trading of energy-related products. The outlook of these Credit Ratings (ratings) is stable.

The ratings reflect Rembrandt's balance sheet strength, which AM Best assesses as very strong, as well as its strong operating performance, limited business profile and appropriate enterprise risk management.

Rembrandt's balance sheet strength is underpinned by its risk-adjusted capitalisation at the strongest level, as measured by Best's Capital Adequacy Ratio (BCAR). AM Best expects Rembrandt's risk-adjusted capitalisation to remain comfortably at the strongest level, supported by low net underwriting leverage, excellent internal capital generation and a conservative investment portfolio. The company has considerable reliance on its reinsurance panel, in line with its business model; however, this is mitigated somewhat by the panel's sound credit quality.

Rembrandt's strong operating performance is demonstrated by its five-year (2021-2025) weighted average return on equity of 38.2%, which has been driven primarily by the company's excellent underwriting results, as evidenced by a five-year weighted average combined ratio (as calculated by AM Best) of 17.9% over the same period. In addition, the higher interest rate environment in recent years has resulted in good returns on the company's conservative investment portfolio. Losses due to the ongoing conflict in the Middle East have been limited due to the captive's reinsurance programme.

Rembrandt has a concentrated insurance portfolio that is focused on the core operations of Vitol, with approximately 90% of its premiums derived from marine cargo and liability risks. The company is embedded within Vitol's risk management framework, however, covers only part of its parent's insurance needs. Rembrandt's written premium volumes fluctuate based on the value of crude oil, which has been elevated recently, particularly in light of the Middle East conflict.

AM Best remains the leading rating agency of alternative risk transfer entities, with more than 200 such vehicles rated throughout the world. For current Best's Credit Ratings and independent data on the captive and alternative risk transfer insurance market, please visit www.ambest.com/captive

This press release relates to Credit Ratings that have been published on AM Best's website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best's Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings. For information on the proper use of Best's Credit Ratings, Best's Performance Assessments, Best's Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best's Ratings Assessments

AM Best is a global credit rating agency, news publisher and data analytics provider specialising in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com

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